A challenge for the "Tax the rich more" crowd.

[Admiral Rockwell Tory]

SS has been "fixed" many times before.
If the cap on earnings is removed SS is fixed.
If retirement ages are raised since people are living longer, SS is fixed.
But to your point, if family formation slows and the population drops, SS benefits will decline, but not go to zero.

Are you also capping benefits? If not, you fixed nothing.

 

[Robert W]

All we hear from Democrats regarding the debt is TAX THE EVIL RICH MORE.

They never say what is "rich", and how much of the total tax bill the evil "rich" need to pay for their utopia.

Here is your chance to provide some specifics.


How much? Give is some numbers:

The top 1% should pay _____% of the total income taxes.

The top 10% should pay _____% of the total income taxes.

The top 50 should pay _____% of the total income taxes.

https://www.usdebtclock.org/

My solution to the Tax the public is to only use Sales taxes which tax every person the same amount as a percent.

Do you know that a mother collecting just $9,000 from welfare has a gross income of $64,000 thanks to her benefits from Government over welfare?

 

[citygator]

Are you also capping benefits? If not, you fixed nothing.

Not to butt in but... doesnt SS have a cap of benefits?

 

[Admiral Rockwell Tory]

Ponzi or not, it;s a pyramid scheme that relies on more suckers (forced with a threat of prison if they don't pay in) paying in at the bottom to feed the takers taking off the top.

Where did you get such a silly idea? I did not pay into SS for 10 years so my benefit is reduced. I was on a state retirement plan and the state does not participate in SS. Sorry, but on that point you are incorrect.

 

[citygator]

Where did you get such a silly idea? I did not pay into SS for 10 years so my benefit is reduced. I was on a state retirement plan and the state does not participate in SS. Sorry, but on that point you are incorrect.

You paid into SS while NOT paying into the general fund you were overspending. You saved nothing. You borrowed from me and my kids.

 

[Thinker101]

Sure I care. I care about the $39T National Debt that the Joint Chiefs said was the biggest threat the US faced way back in 2011 when the Debt was "only" $15T. When bond vigilantes decide to push the issue, the dollar gets hurt. We are whistling past the graveyard ignoring the $39T debt.

As for a 2% transaction tax and eliminating the capital gains tax loophole, they will not kill investments, people like to make money too much. So how do we start paying down that $39T before its too late?

Jim Kramer has a saying: "Bears make money, Bulls make money, Pigs get slaughtered".

Where that idea breaks down is there's no guarantee the debt would be paid. We've all seen how abusive the government gets with other peoples money.

On the Jim Cramer saying: Bears make money, Bulls make money....Bear Stearns goes broke.

 

[kyzr]

So are you going to further tax my retirement when I draw my funds out that I saved for 20 years? Because Biden killed the stock market, I lost a good percentage of my retirement funds and now you want to take more of it in taxes? Talk about cutting off your nose to spite your face!

I doubt that you are in the top tax bracket, if so I apologize.
Most retirees pay very low tax rates.

 

[kyzr]

Are you also capping benefits? If not, you fixed nothing.

Yep, the actuaries can figure it out. I'd rather get 100% of promised benefits than 80%.

 

[kyzr]

Where that idea breaks down is there's no guarantee the debt would be paid. We've all seen how abusive the government gets with other peoples money.

Default? Not possible, the dollar would crash.

 

[Admiral Rockwell Tory]

I doubt that you are in the top tax bracket, if so I apologize.
Most retirees pay very low tax rates.

I owned stocks through my retirement plan. You want to kill stock investments, by making me pay taxes on the money that I use to increase my retirement funds? I drew my funds out when I was yet to reach retirement age and had to pay my usual income tax on them. I was older than 59 1/2 so I escaped the penalty. You just haven't looked at the big picture. Taxing the rich always involves hurting those who do not normally qualify as rich.

 

[Admiral Rockwell Tory]

Yep, the actuaries can figure it out. I'd rather get 100% of promised benefits than 80%.

Well, those are the same actuaries that figured out your 80% figure since no such number exists in the Social Security system.

 

[Captain Caveman]

 

[kyzr]

Well, those are the same actuaries that figured out your 80% figure since no such number exists in the Social Security system.

SS would pay out what it takes in, about 76% according to this link:

Social Security has 'no bankruptcy or collapse in the cards,' economist says — but benefits may change

While surveys show Americans worry Social Security will run out of money, benefits will continue, one economist says.

www.cnbc.com

In particular, the fund dedicated to retirement benefits may run out by late 2032, according to the latest estimates from the Social Security Administration’s chief actuary. If Congress does not act, beneficiaries may face an estimated 24% benefit cut.

SS would pay out 79% according to this link

Here's how much your Social Security benefits could be cut without a fix

Social Security's trust fund could run out of money as soon as 2033, resulting in a $16,500 annual benefits cut, experts warn.

www.cbsnews.com

But without changes, the trust fund is slated to be drained by 2033, which would result in an automatic 21% cut to beneficiaries' monthly checks, regardless of marital or income status, the CRFB analysis found.

Lets hope congress fixes SS soon.

 

[kyzr]

I owned stocks through my retirement plan. You want to kill stock investments, by making me pay taxes on the money that I use to increase my retirement funds? I drew my funds out when I was yet to reach retirement age and had to pay my usual income tax on them. I was older than 59 1/2 so I escaped the penalty. You just haven't looked at the big picture. Taxing the rich always involves hurting those who do not normally qualify as rich.

Nothing kills stock investments. The alternatives are bonds or gold or _______???

 

[Nostra]

Almost 200 posts in, and not a single wealth envy Cultist has been able to answer the questions in the OP.


All we hear from Democrats regarding the debt is TAX THE EVIL RICH MORE.

They never say what is "rich", and how much of the total tax bill the evil "rich" need to pay for their utopia.

Here is your chance to provide some specifics.


How much? Give is some numbers:

The top 1% should pay _____% of the total income taxes.

The top 10% should pay _____% of the total income taxes.

The top 50 should pay _____% of the total income taxes.

 

[Admiral Rockwell Tory]

SS would pay out what it takes in, about 76% according to this link:

Social Security has 'no bankruptcy or collapse in the cards,' economist says — but benefits may change

While surveys show Americans worry Social Security will run out of money, benefits will continue, one economist says.

www.cnbc.com

In particular, the fund dedicated to retirement benefits may run out by late 2032, according to the latest estimates from the Social Security Administration’s chief actuary. If Congress does not act, beneficiaries may face an estimated 24% benefit cut.

SS would pay out 79% according to this link

Here's how much your Social Security benefits could be cut without a fix

Social Security's trust fund could run out of money as soon as 2033, resulting in a $16,500 annual benefits cut, experts warn.

www.cbsnews.com

But without changes, the trust fund is slated to be drained by 2033, which would result in an automatic 21% cut to beneficiaries' monthly checks, regardless of marital or income status, the CRFB analysis found.

Lets hope congress fixes SS soon.

You are assuming no fix.

 

[Nostra]

Yep, the actuaries can figure it out. I'd rather get 100% of promised benefits than 80%.

The actuaries put the retirement age above life expectancy when SS started. Now retirement age would be 81. That would fix it.

 

[kyzr]

Almost 200 posts in, and not a single wealth envy Cultist has been able to answer the questions in the OP.
All we hear from Democrats regarding the debt is TAX THE EVIL RICH MORE.
They never say what is "rich", and how much of the total tax bill the evil "rich" need to pay for their utopia.

"Rich" is having $200T of wealth, that is the upper half

Here is your chance to provide some specifics.
How much? Give is some numbers:
The top 1% should pay 40_% of the total income taxes.
The top 10% should pay 72_% of the total income taxes.
The top 50 should pay 3_% of the total income taxes.

Current numbers below, but we need to balance the budget and start paying down the $39T debt.
So the wealthy need to pay more, or the Budget needs to be cut.

 

[kyzr]

The actuaries put the retirement age above life expectancy when SS started. Now retirement age would be 81. That would fix it.

The SS early retirement age of 62 needs to be removed since Medicare kicks in at 65.
The full retirement age should stay 67. Most people can't work that long.

 

[task0778]

I'd say the retirement age oughta go up some, the taxable income level oughta go up some, and there should be a max payout limit. For instance, nobody should be getting an SS benefit that exceeds $10k each month.